Latest news with #surplus
ABC News
a day ago
- Business
- ABC News
WA Budget 2025: Rita Saffioti's second budget delivers $2.4 billion surplus as power credits axed
Western Australia's resources-rich economy is continuing to shower the state with cash, with today's state budget revealing a healthy $2.4 billion surplus for the next financial year. It's the state's seventh consecutive surplus, fuelled by strong iron ore prices and a GST bonanza, and cements WA's position as the nation's top economic performer. But the actual surplus in the year just gone ($2.5 billion) is less than the $3.1 billion forecast in December's mid-year review — and net debt is continuing to climb. This year the state's debt sits at $33.6 billion, and with iron ore prices tipped to fall further on the back of weakening demand from China, growing pressure on the state's bottom line in coming years looks almost certain. And despite a crippling housing crisis, the government is winding back some of its cost-of-living relief, electing to scrap its $400 electricity bill rebates for households. Delivering the re-elected Cook government's first budget, and her second as treasurer, Rita Saffioti remained upbeat, focusing on the relative strength of the economy compared to that in other states, while warning of an uncertain global outlook. WA's robust surplus is likely to be seized on by other states as a reason to review GST distribution arrangements, with the books revealing WA will get $7.4 billion in GST grants this financial year, rising to $7.8 billion next year. Most of the budget was focused on delivering election commitments and already announced measures, including: Ms Saffioti was defensive when asked about its $963 million cost of living relief package after including the Commonwealth's $150 per household subsidy in the figure. Also included in that figure was the state government's solar home battery subsidy scheme, which it substantially reduced after the federal government also offered subsidies. Household costs and charges will rise 2.5 per cent this year, lower than inflation, and the treasurer said cost of living relief would mainly come in the form of trying to reduce rental prices. "We have to increase housing supply to take the pressure off rent prices," she told reporters. Ms Saffioti said housing approvals had risen 45 per cent in the year to April and the rental vacancy rate had risen from 0.5 per cent to 2.8 per cent. Both the treasurer and Premier Roger Cook warned of economic headwinds ahead thanks to global geopolitical instability and China's weakened economic outlook. "Clearly these are not the global conditions anyone would have hoped for," Mr Cook said. However, he said the budget would "set WA up for the future" by diversifying the economy and making the state a "renewables powerhouse and successfully navigate the global uncertainty we now face". A total of $2.7 billion has been set aside to "support future growth" and make WA less reliant on other economies such as China. That figure includes $1.4 billion for its 'Made in WA' program, which aims to boost the local manufacturing industry and create thousands of jobs. Under the plan, electric buses and ferries will be built in WA, as will solar batteries.
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
The Path to Record Deficits
Take a spin in the time machine, back to an era when the federal budget deficit didn't look like a problem at all. In 2000, the federal government actually ran a surplus and the Congressional Budget Office, Capitol Hill's nonpartisan scorekeeper, projected the Treasury would keep collecting enough revenue to pay for all government programs and generate continuing surpluses.
Reuters
3 days ago
- Business
- Reuters
Indonesia books preliminary $4.9 bln trade surplus in May, finance minister says
JAKARTA, June 17 (Reuters) - Indonesia posted a trade surplus of $4.9 billion in May based on preliminary customs data, the finance minister said on Tuesday, which would be the country's biggest monthly surplus in more than two years. Exports from the resource-rich country reached $25.3 billion, while imports were $20.4 billion, Sri Mulyani Indrawati told a press conference. Statistics Indonesia is due to release final data on July 1. If the figures don't change, the May surplus would be the widest since February 2023, based on LSEG data. April's surplus was $160 million. Sri Mulyani said while the trade figures looked good, trade tensions and slowing global growth have influenced exports and would also affect growth in Southeast Asia's biggest economy. Strong growth was seen in May exports of agricultural products and manufactured goods, but there was also a steep drop in shipments of mining products, which hurt government revenues, Sri Mulyani said. Indonesia ran a budget deficit of 21 trillion rupiah ($1.29 billion) in the first five months of 2025, equal to 0.09% of GDP, the ministry data showed. Revenues in the January-May period reached 995.3 trillion rupiah, while total spending stood at 1,016.3 trillion rupiah. That compares with a deficit of 0.1% of GDP in the same period of 2024, with revenues at 1,123.5 trillion rupiah and spending at 1,145.3 trillion rupiah. ($1 = 16,275 rupiah)
Yahoo
4 days ago
- Business
- Yahoo
Millcreek Township 2024 financial review shows some revenue gains, spending reductions
Millcreek Township performed well financially in 2024, according to a review by township Treasurer Melanne Page. "While the 2023 audit findings presented initial challenges, the finance office has successfully implemented corrective measures," Page said. "And the township has delivered some strong surpluses in 2024, improved the fund balance and established a strong foundation for sustainable fiscal management into the future." Page outlined 2024 revenues and spending for Millcreek supervisors on June 10. The review came after the Millcreek Township Government Study Commission pointed to significant spending from the township's general fund balance in recent years, "late and later" outside audits of township accounts, and accounting issues identified in audits among its reason for recommending a new form of government for the township in May. The audit of 2023 finances was delayed until December 2024 due to substantial work required to "sort it all out," Page said. Page was named treasurer in May 2024, when former treasurer Mark Zaksheske was placed on unpaid administrative leave until July 13, 2025, by terms of a separation agreement with the township. Township officials gave no reason for the decision. "When I came in in 2024, it took quite a while to get through everything and sort it all out. There were some major adjustments and major variances that had to occur during the audit time of 2023," Page said. "Standard practices were not always followed." Improvements implemented last year have corrected accounting errors uncovered in the audit of 2023 accounts, Page said. The township received $4.53 million more in revenues than expected last year, mainly through higher-than-anticipated tax collections and unanticipated grant funds, Page said. And some expenses were lower than anticipated. Almost $22 million spent for employee salaries, benefits and taxes last year was $376,000 less than what had been budgeted. Operating costs were $282,000 less than the approximately $6 million that had been anticipated. The numbers have not been audited but are not expected to change significantly, Page said. The township's general fund balance — its assets minus liabilities — decreased significantly in recent years, by $1.7 million in 2021, $4.9 million in 2022 and $11.1 million in 2023 — or from approximately $35.9 million to $18.4 million. The $11.1 million spent in 2023 included approximately $3 million to cover operating costs not funded by revenues and $8 million for other purposes, including the transfer of more than $7.3 million to the Millcreek Township General Authority for the purchase of West Eighth Street properties targeted for redevelopment. The $8 million also included some fund reductions that resulted from correcting previous over-estimates attributed to accounting errors, Page said. The $18,357,151 general fund balance at the end of 2023 included $14,937,385 reserved for future capital projects. Those capital funds included just over $9 million in proceeds from the 2015 sale of the Millcreek Township Water Authority to Erie Water Works. The remaining $3,419,766 of the general fund balance was unrestricted and available for other uses. Page on June 10 had told supervisors that the $18.4 million fund balance was unrestricted and unreserved and that the water sale proceeds were not included in that balance. She afterward corrected those statements. The general fund balance has grown to about $20 million since the end of 2023, Page said. Contact Valerie Myers at vmyers@ This article originally appeared on Erie Times-News: Millcreek Township treasurer outlines 2024 revenues and spending Sign in to access your portfolio
Reuters
05-06-2025
- Business
- Reuters
Brazil's May trade surplus lands below expectations as import growth persists
BRASILIA, June 5 (Reuters) - Brazil posted a smaller-than-expected trade surplus in May, government data showed on Thursday, as imports continued to show strong momentum. The monthly surplus fell 12.8% from a year earlier to $7.2 billion, missing the $8.3 billion forecast in a Reuters poll of economists. Amid resilient economic activity in Latin America's largest economy, imports rose 4.7% to $22.9 billion, driven by higher volumes which offset lower prices. Exports, meanwhile, ticked down 0.1% year-over-year to $30.2 billion, according to data from the Ministry of Development, Industry, Trade and Services. A drop in commodity prices weighed on Brazil's main export products, including soybeans, oil and iron ore, undermining gains in shipped volumes. Year-to-date, Brazil's trade surplus has plunged 30.6% from the same period in 2024 to $24.4 billion, reflecting a growing import trend and a slight decline in exports.
